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Message
US Today Opinion: Many Trump voters will get zero from Republican tax 'framework'
Posted on 9/28/17 at 4:51 pm
Posted on 9/28/17 at 4:51 pm
LINK /
This is how the left plans to attack the tax plan. I happen to disagree.
The Democrats suck on Estate Taxes. 2nd generational wealth issues is also important to Blacks, Asians and Hispanics. It's amazing to see how the Democrats believe that's their money. It's also hilarious to see Democrats care about the national debt and keep a straight face.
I do think he makes a point on the pass through billing part of the bill. Still employees tax rates will fall below the 25% in most instances.
This is how the left plans to attack the tax plan. I happen to disagree.
The Democrats suck on Estate Taxes. 2nd generational wealth issues is also important to Blacks, Asians and Hispanics. It's amazing to see how the Democrats believe that's their money. It's also hilarious to see Democrats care about the national debt and keep a straight face.
I do think he makes a point on the pass through billing part of the bill. Still employees tax rates will fall below the 25% in most instances.
quote:
The "framework" is not all bad, as many Democrats claim. The call to reduce the top corporate tax rate from 35% to 20%, for example, is sound and overdue. So is the effort to simplify what President Trump correctly called the "ridiculously complex" individual income tax code.
But a lack of fiscal restraint, plus two unwarranted giveaways to America's financial elite, make this version unworthy of support.
By one initial estimate, the framework would result in $2.2 trillion in lost revenue over the next decade. That's unaffordable for a nation already $20 trillion in debt and facing soaring deficits as Baby Boomers retire. At the moment, the economy doesn't need this sort of borrowing-fueled fiscal stimulus.
Perhaps the most egregious provision in the GOP plan is a longtime goal of some of America’s wealthiest individuals, many of whom also happen to be major political donors: an end to the tax on inherited wealth.
Republicans, including Trump at his speech in Indianapolis on Wednesday, pitched this largesse as essential for family farms and other small businesses. That is disingenuous in the extreme. Individuals can already inherit $10.98 million from their parents tax-free. This plan would eliminate that very generous cap, allowing someone to inherit billions of dollars without having to pay the taxman.
Where’s the logic in that? Why should inherited wealth receive a more privileged status than wealth accumulated through work or entrepreneurship? Why should the government encourage dynastic wealth at a time when income and asset concentration among an elite few is already dangerously high?
quote:
And why, for that matter, should business owners pay a lower tax rate than some of their employees? That’s what would happen under a second objectionable element of the GOP plan, a 25% tax rate for "pass through" income.
Pass-through businesses — including sole proprietorships, partnerships and S corporations — account for about 95% of all businesses, ranging from food trucks to multinational conglomerates. They do not pay corporate taxes. Rather, their profits are recorded as income on the individual returns of their owners.
By setting the pass-through rate at 25%, rather than treating it as ordinary income, business owners would pay a lower rate than millions of Americans who make a good livings but are not wealthy.
The special pass-through rate has another problem: High-income individuals, whether business executives or basketball players, would seek to turn themselves into business entities. The authors of the plan realize this is a problem but have no real solution, saying only that they anticipate lawmakers will “adopt measures” to prevent this.
Posted on 9/28/17 at 4:52 pm to Rakim
Bookmarked.
I honestly haven't read up on this yet.
I honestly haven't read up on this yet.
Posted on 9/28/17 at 4:54 pm to Rakim
What a dumbass. Business owners already get hit 3 times on both social security and Medicare taxes.
They have to pay employer and employee on any income their company generates, then have to pay employer on each employee.
They have to pay employer and employee on any income their company generates, then have to pay employer on each employee.
Posted on 9/28/17 at 4:54 pm to member12
I like what I see but I'll admit I need more time to study.
Posted on 9/28/17 at 4:55 pm to Rakim
quote:
Perhaps the most egregious provision in the GOP plan is a longtime goal of some of America’s wealthiest individuals, many of whom also happen to be major political donors: an end to the tax on inherited wealth.
Stopped reading here, decided not to open link.
Posted on 9/28/17 at 4:56 pm to imjustafatkid
Why tax it once when you can tax it twice!
Posted on 9/28/17 at 4:58 pm to zeebo
quote:
But many will!
Also...
Hillary still not POTUS, and,
Trump is still winning!
and...
Republican tax reform means the many who don't get a cut at least don't have the Leftist loons taking more!
Posted on 9/28/17 at 4:58 pm to Rakim
quote:So many Trump voters will get zero from economic growth?
Many Trump voters will get zero from Republican tax 'framework'
What an 'interesting' take.
Posted on 9/28/17 at 5:00 pm to NC_Tigah
quote:
So many Trump voters will get zero from economic growth?
What an 'interesting' take.
Makes perfect sense if you believe that you can only get things from the government.
Posted on 9/28/17 at 5:06 pm to Rakim
Isn't it funny how the left looks at politics entirely as a competition to steal from their fellow citizens? 100% as a game of I vote for you and you give me shite? I mean that's pretty telling actually.
Posted on 9/28/17 at 5:08 pm to Rakim
Its the Republicans. Bound to be a shite show in the end...
Posted on 9/28/17 at 5:10 pm to Tigerdev
It makes no sense to lower corporate rate but leave s corp rates unchanged
Posted on 9/28/17 at 5:27 pm to Rakim
It doesn’t matter how good the plan is,RINO’s and Liberals will do everything they can to stop Trump at every turn.
Posted on 9/28/17 at 5:28 pm to imjustafatkid
quote:
Perhaps the most egregious provision in the GOP plan is a longtime goal of some of America’s wealthiest individuals, many of whom also happen to be major political donors: an end to the tax on inherited wealth
That's for the warning. I will seek information from a more unbiased source.
This post was edited on 9/28/17 at 5:29 pm
Posted on 9/28/17 at 5:31 pm to Rakim
Well unless your are really rich. Duh. This isn’t about the middle class.
Posted on 9/28/17 at 5:32 pm to asurob1
Which part of the plan benefits the rich?
Posted on 9/28/17 at 5:34 pm to member12
quote:
Perhaps the most egregious provision in the GOP plan is a longtime goal of some of America’s wealthiest individuals, many of whom also happen to be major political donors: an end to the tax on inherited wealth
I support this so egregious isn't the word I would use
Posted on 9/28/17 at 5:37 pm to Rakim
quote:
Perhaps the most egregious provision in the GOP plan is a longtime goal of some of America’s wealthiest individuals, many of whom also happen to be major political donors: an end to the tax on inherited wealth.
Egregious? I have to disagree. inheritance taxes are crap.
Posted on 9/28/17 at 5:38 pm to CGSC Lobotomy
quote:
What a dumbass. Business owners already get hit 3 times on both social security and Medicare taxes.
They have to pay employer and employee on any income their company generates, then have to pay employer on each employee.
If it helps small business owners I don't give a shite if I don't get a dime.
They drive the economy and big corps have gotten in bed with both parties to make as sure as possible that small businesses can't grow into big ones.
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